MTECHTIPS:-Crude oil futures – weekly outlook: September 4 – 8

MTECHTIPS- Oil prices ended a bit higher on Friday, but still posted a weekly loss as energy markets continued to weigh what the impact of Harvey will be on crude production and refinery demand in the Gulf of Mexico region. Gasoline futures, meanwhile, eased back, but posted its strongest weekly gain since the end of February, as refinery output remained crippled in the wake of the storm. The U.S. West Texas Intermediate crude October contract tacked on 6 cents, or around 0.1%, to end at $47.29 a barrel by close of trade. It fell to its lowest since July 24 at $45.58 on Thursday, before clawing back losses to end the session up about 2.8%. The rise in oil prices late in the week failed to offset losses sustained earlier, as U.S. crude futures slipped to their fifth-straight weekly loss, ending the week down 58 cents, or nearly 1.2%. Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery slipped 11 cents, or roughly 0.2%, to settle at $52.75 a barrel. The global benchmark closed the week with a gain of 34 cents, or around 0.6%, after scoring a rise of 4.2% on Thursday. Meanwhile, U.S. gasoline hit a two-year high above $2 a gallon on Thursday, but eased back on Friday. The September futures contract settled up 25.5 cents, or 13.5%, at $2.139 on the last day of trading in the contract on Thursday